In a Competitive Market, the Demand Curve Shows the ________

question 4

Multiple Choice

In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________.

• A)utility; average cost.
• B)marginal benefit; marginal cost
• C)economic surplus; opportunity cost
• D)net benefit; net cost

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Definitions:

M/M/S System

A mathematical model used in queue theory representing a system with multiple servers where arrivals and service times follow a Poisson and exponential distribution respectively.

Single Queue

A method of organizing waiting lines that directs all customers to form one line that feeds into multiple service points.

Model A

A specific version or type of a product or system, often denoting its design or features.

M/M/1 System

A model in queue theory representing a system with a single server where arrivals follow a Poisson process and service times are exponentially distributed.